Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain banking and payment system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure.
The partnership seeks to provide underbanked individuals with access to reliable banking services, including IBAN numbers and necessary licenses to operate globally. As the platform expands, WeFi plans to collaborate with additional banks and institutions, targeting underbanked populations worldwide. The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, subject to local regulatory approvals and partnerships.
According to Collins, the partnership with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.